Technical Analysis for BTCUSD for 29th June 2023
Bitcoin Consolidates, BTC Resistance Remains at $31.3k
Past Performance of BTC
Bitcoin Technical Analysis
Buyers are confident; every low should theoretically provide entries for buyers targeting $31.3k or better. The rejection of higher prices on June 28 was with light volumes. Therefore, the uptrend remains from an effort-versus-result perspective unless there are deep losses below $30k. Conversely, there could be a reprieve if there are gains above $31.3k. Before committing, conservative, risk-on traders can wait for definitive, high-volume breakouts above/below $31.3k and $29.8k, respectively.
What to Expect from BTC
Traders are closely watching how price action unfolds in the daily chart. As it is, the path of least resistance is northwards at least from a top-down preview. Even so, the weakness in the recent retracement questions the strength of buyers. Therefore, while bulls remain in control, a break below last week's lows could define the immediate trend for Bitcoin.
Resistance level to watch: $31.3k
Support level to watch: $29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.